Futures options theta question

Lets say an futures option has a theta of -1.7... does this mean that everyday the price of that option drops 1.7 pts, ignoring the rest of hte pricing formular.... if all other things remain the same the price drops 1.7 pts?

If you got -1.7 from the actual theta equation, you must divide this number by 365 to get what most sites/calculators will quote the theta at.

Just becasue you got this number from the formula dosen't mean it's reflected everyday. Some days the options will not move at all, other days will account for 2-3 days decay in theta, it just depends. The number you get from the formula is jsut a very good estimate, not definte reality to come.